Yantai Coastal Development Area has been established in 1984 with the purpose of sustaining and attracting foreign investments in this part of China. Having important sea exits to the Yellow Sea, Yantai hosts a series of companies activating in the import and export sector, fishery and manufacture, solid industries that generate large incomes. Foreign entrepreneurs who want to open a company in Yantai Coastal Development Area can get in touch with our team of company formation specialists in China and find out more details in this direction.
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What you need to know about Yantai Coastal Development Area
There are plenty of foreign companies with establishments in Yantai Coastal Development Area, and many of them are registered in the automotive sector, pharmaceutics, import and export, manufacturing, research and development, innovation and technology among other fields. Here are a few facts you need to know about Yantai Coastal Development Area:
- Investors from Russia, Germany, USA, Japan, the Netherlands, Australia, South Korea and Italy have chosen Yantai for business development in China.
- Foreigners can open WFOEs in Yantai Coastal Development Area and have complete ownership in the firm.
- There are more than 50,000 companies with establishments in Yantai Coastal Development Zone.
- Biological medicine and chemical products are leading business industries, alongside fishery, logistics, manufacturing.
- Yantai is a huge employment source in this part of China and foreigners can benefit from the available workforce in this special zone.
The company formation in China is subject to fewer formalities, including in the special economic zones where Yantai makes no exception. If you would like to set up a WFOE, we invite you to talk to our team of company formation representatives in China and ask for support and guidance. It is good to know that out of the 4,300 foreign investments operating in China, almost 92.4% are located around coastal areas.
Can I open a subsidiary in Yantai?
Yes, subsidiaries are preferred business forms for international investors who want to enter the Chinese market and particularly the special economic zones. This solicits several documents from the parent company including the one showing the intention of opening such an entity in Yantai, at least one shareholder, licenses and permits and a board of directors. The Chinese authorities are completely aware of the intellectual property rights and the infringements that occur in some cases and continue to improve the legislation in this matter and to offer protection to both domestic and overseas entrepreneurs in China. We are at your disposal if you would like to open a company in Yantai Coastal Development Area.
Types of companies in Yantai
Small, medium and large companies can be found and established in Yantai Coastal Development Area where more than $12 billion foreign investments have been registered in the last two years. There are over 100 technology-based companies, more than 180 innovation platforms registered in Yantai, plus several experts recruited through special programmes to serve the business community. WFOEs (sometimes incorrectly WOFEs) are the proper business structures for most of the activities and the type of entity that suits most the needs of foreigners particularly when it comes to ownership. Being a simple business form, the registration is in accordance and it involves a few important steps:
- The business name verification and reservation are needed in the first place.
- A business address and a company representative agent are mandatory conditions for WFOEs in China.
- The minimum share capital needs to be deposited in a local bank account.
- The application for licenses and permits plus tax registration are further incorporation stages.
There are no complex requirements, however, the support of a team of company formation agents in China is needed and recommended.
Why open a business in Yantai Coastal Development Area
The highly developed infrastructure in Yantai simplifies the business collaborations with countries worldwide. Yantai Coastal Development Area offers complete financial services through all sorts of banks and institutions, plus the guarantee that any kind of business can rapidly enter and grow on the Chinese market and abroad. In addition, there are several tax benefits for foreign investors in Yantai, and custom duties exemptions. Numerous entrepreneurs direct the attention to the coastal areas of China for business development and further activities.
You can contact our company incorporation agents in China and find out more about how you can set up a business in Yantai Coastal Development Area.